Franc Strengthens to Record Against Dollar on U.S. Debt Impasse
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The Swiss franc strengthened to a record against the dollar on concern U.S. lawmakers may fail to agree on a plan for raising the nation’s $14.3 trillion debt ceiling, spurring demand for the currency as a refuge.
The Swiss currency rose against all 16 of its major peers tracked by Bloomberg, climbing 1.8 percent versus the euro, as the question of a potential U.S. default was left unresolved after weekend talks between Republicans and Democrats didn’t break the political stalemate. The yield on the U.S. 30-year Treasury bond climbed seven basis points to 4.33 percent.